The African Development Bank Group has taken a major step in combating financial crime and corruption in Africa by signing a Letter of Intent with the International Criminal Police Organisation.
The historic agreement, the first of its kind between a multilateral development bank and Interpol, “aims to curb illicit financial flows estimated at nearly $90 billion annually—funds that could otherwise be used for critical development projects in sectors such as water, sanitation, health, food security, and energy infrastructure.”
AfDB President, Dr. Akinwumi Adesina, and Interpol Secretary General, Valdecy Urquiza, formalised the agreement on Wednesday at the Bank’s headquarters in Abidjan.
In a statement issued by the bank’s Communication and External Relations Department, on Friday, Adesina said the partnership will foster collaboration between the AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.
“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries.
“As the world’s most transparent financial institution for two consecutive editions, we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime”, Adesanya said.
The agreement will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial threats, including cybercrime, money laundering, and terrorist financing.
Interpol’s Secretary General, Urquiza, emphasised the urgency of tackling financial crime, particularly in Africa’s rapidly digitalizing economy.
“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world,” Urquiza said.
“The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”
According to Interpol’s 2024 Global Financial Fraud Assessment, cyber-enabled financial crimes such as business email compromise, romance scams, and phishing are on the rise, posing growing risks to African economies.
Adesina reaffirmed the AfDB’s commitment to supporting African nations in strengthening governance, ensuring transparency, and implementing robust anti-corruption frameworks.
“We will continue to build capacity and support African countries in strengthening transparent and accountable governance.
“This includes reinforcing Know Your Customer (KYC) and Due Diligence systems to prevent fraud and corruption while ensuring that the Bank’s resources are used for their intended purposes”, he stated.
The signing ceremony was attended by senior officials from both institutions, including Interpol’s Director of Governance, Mr. Silvino Schlickmann, and the Head of its Regional Bureau, Ms. Paule Ouedraogo.
Representing the AfDB were key members of Adesina’s senior management team, including Ms. Paula da Costa, Director of the Office of Integrity and Anti-Corruption.
“With this new collaboration, both institutions aim to fortify Africa’s defenses against financial crime and safeguard resources meant for the continent’s development”, AfDB said.
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